Micro Financing Scheme for Disable and NGO

The Micro Financing Scheme for Disable is launched by the government of India, Ministry of Social Justice and Empowerment and implemented by National Handicapped Finance and Development Corporation (NHFDC). This scheme is specially launched for a person with a disability who wish to start income generation activities like e.g. Small business/trade, Tiny/cottage industry or service activity, Artisan activities, Agricultural and allied activities, Transport sector activities. Under this loan is provided for self-employment and other economic ventures. The majority of the disabled population is constantly in need of small loans for sustaining their existing employment, for generation of further employment as also for meeting varied personal and social needs. For applying under this scheme applicant or NGO need to qualify some eligibility norms which are mentioned below

Benefits of Micro Financing Scheme for Disable:

Micro Financing Scheme for Disabled provides benefits by offering loan to disable individual or NGO who wish to serve disabled people for starting the business

No upper limit of loan in case the scheme is implemented by the SCA to person with disability

In case of loan to NGO either through SCA or directly by NHFDC, the maximum loan amount shall be limited to Rs. 10 lakh

The borrowers already covered under any other scheme of financing sponsored by central or State government or financing institutions and having outstanding loans against their names shall not be eligible

The borrowers should preferably be regular member of thrift and credit group (Self Help Group)

The applicant NGO should have been registered for at least three years and it should have good reputation

NGO should be running on sound lines and preferably have experience of Thrift and Credit administration of at least three years and its recovery performance during the last three years should be approximately 90% or more

An NGO intending to implement micro-credit scheme should have the objective of serving the social and economic needs of the weaker sections or the persons with disability

The SCAs to which funds have been sanctioned can make the draw of funds as per requirement within the credit limit sanctioned, which generally will be for one year

Term loans drawn from NHFDC will be required to be repaid within a period of 36 months in quarterly installments. The installments of term loan and interest shall be repayable to NHFDC on 30th June, 30th September, 31st December and 31st March every year

Document required for applying Micro Financing Scheme for Disable:

Age proof e.g. birth certificate

Permanent residence proof e.g. domicile certificate

Disability certificate

Educational certificates

Marksheets

Bank passbook photocopy

Legal documents of organization in case of (Self Help Group)

Identity proof

Aadhar card

Other technical documents may require will inform by SCA (State Channelizing Agency)

The scheme will be implemented through State Channelizing Agencies of NHFDC and the Banks, RRBs and other institution with whom NHFDC has signed an agreement so candidate can contact to such banks also

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